TIDMIDHC
RNS Number : 4544K
Integrated Diagnostics Holdings PLC
02 September 2021
-Integrated Diagnostics Holdings Plc
1H 2021 Results
Thursday, 2 September 2021
Integrated Diagnostics Holdings Plc delivers exceptional growth
on the back of strong demand across its entire service
portfolio
(London) Integrated Diagnostics Holdings ("IDH," "the Group," or
"the Company"), a leading consumer healthcare company with
operations in Egypt, Jordan, Sudan and Nigeria, released today its
reviewed financial statements and operational performance for the
first half of 2021, recording revenue of EGP 2,293 million, up 141%
versus the comparable period of last year. Normalised EBITDA(1)
recorded EGP 1,203 million in 1H 2021, representing a 227%
year-on-year increase, while net profit expanded 283% year-on-year
to reach EGP 668 million for the period. In the second quarter of
2021, revenues reached a new record-high of EGP 1,164 million, up
3% from an already impressive first quarter of the year, with net
profit recording EGP 327 million and an associated margin of
28%.
Financial Results
EGP mn 1H 2020 1H 2021 Change
====================== ============== ================ =========
Revenues 950 2,293 141%
---------------------- -------------- ---------------- ---------
Cost of Sales (503) (988) 96%
---------------------- -------------- ---------------- ---------
Gross Profit 446 1,305 193%
---------------------- -------------- ---------------- ---------
Gross Profit Margin 47% 57% 9.9 pts
---------------------- -------------- ---------------- ---------
Operating Profit(2) 277 1,094 291%
---------------------- -------------- ---------------- ---------
Normalised EBITDA(1) 367 1,203 227%
---------------------- -------------- ---------------- ---------
EBITDA Margin 39% 52% 13.8 pts
---------------------- -------------- ---------------- ---------
Net Profit 175 668 283%
---------------------- -------------- ---------------- ---------
Net Profit Margin 18% 29% 10.8 pts
---------------------- -------------- ---------------- ---------
Cash Balance 719 1,587* 121%
---------------------- -------------- ---------------- ---------
*Cash balance prior to payment of US$ 29.1 million dividend for
year ended 31 December 2020, distributed on 29 July 2021.
Key Operational Indicators
1H 2020 1H 2021 change
=========================== ======== ======== =======
Branches 462 495 33
--------------------------- -------- -------- -------
Patients ('000) 2,890 4,673 62%
--------------------------- -------- -------- -------
Revenue per Patient (EGP) 329 491 49%
--------------------------- -------- -------- -------
Tests ('000) 11,234 16,318 45%
--------------------------- -------- -------- -------
Revenue per Test (EGP) 85 141 66%
--------------------------- -------- -------- -------
Test per Patient 3.9 3.5 -10%
--------------------------- -------- -------- -------
1 Normalised EBITDA is calculated as operating profit plus
depreciation and amortization and excluding one-off fees incurred
in 1H 2021 (EGP 29.0 million) related to the Company's dual listing
on the EGX completed in May 2021.
2 Operating Profit excludes one-off fees incurred in 1H 2021
(EGP 29.0 million) related to the Company's dual listing on the EGX
completed in May 2021.
Introduction
i. Financial Highlights
-- Revenue recorded EGP 2,293 million in 1H 2021, up a
remarkable 141% versus the comparable period of last year supported
by both IDH's Covid-19-related(3) tests and a sustained recovery in
the Group's conventional test offering. Top-line growth for the
first half of 2021 was dual-driven, as tests performed and average
price per test posted year-on-year expansions of 45% and 66%,
respectively. Covid-19-related tests contributed to 48% of IDH's
top-line during the first six months of the year compared to the 9%
contribution made during 1H 2020. Excluding Covid-19-related tests,
the Group witnessed a 38% year-on-year expansion in revenue
generated from its conventional test offering. The year-to-date
performance was buoyed by an impressive second quarter, which saw
IDH build on the strong momentum from the start of the year to
record revenues of EGP 1,164 million for 2Q 2021, up 159% versus 2Q
2020 and 3% from 1Q 2021.
-- Consolidated revenues continued to be supported by the
Group's house call service in Egypt and Jordan, which in 1H 2021
contributed to 23% of total revenue versus the 18% contribution
made this time last year. Through its house call service, IDH
served more than 646,000 patients in 1H 2021 (up 88% versus 1H
2020), performing more than 3.4 million tests (up 49% versus 1H
2020). Leveraging an expanded reach, IDH was able to carry out an
average of 3,600 house call visits per day in 1H 2021, up
significantly from the 1,900 visits per day performed in 1H
2020.
-- Gross Profit grew by 193% year-on-year in 1H 2021 to record
EGP 1,305 million with an associated margin of 57% versus 47% in
the same period last year. Improved gross profitability came on the
back of strong top-line growth and the subsequent dilution of fixed
costs for the period such as direct salaries and wages and other
expenses. Gross profit for the second quarter of 2021 recorded EGP
667 million, up 4% from the previous quarter and with a gross
margin of 57%.
-- Operating Profit recorded EGP 1,094 million, a 295%
year-on-year expansion, with an associated margin of 48% versus 29%
last year. The remarkable growth in operating profit was supported
by strong gross profitability, the dilution of SG&A outlays for
the period due to their relatively fixed nature, and a
normalisation of provisions booked in 1H 2021, which recorded EGP
10 million versus EGP 28 million in 1H 2020 to account for expected
credit losses in accordance with IFRS 9.
-- Normalised EBITDA(4) reached EGP 1,203 million in 1H 2021, an
increase of 227% from the comparable period of last year. EBITDA
margin expanded to 52% for the period versus 39% in 1H 2020. Solid
improvements in EBITDA profitability were driven by strong top-line
growth in 1H 2021 and the subsequent dilution of IDH's fixed costs
for the period. On a quarterly basis, normalised EBITDA recorded
EGP 603 million, up 267% year-on-year and largely in line with last
quarter's figure. Normalised EBITDA margin stood at 52% for the
quarter, down from the 53% margin recorded in 1Q 2021 as IDH booked
higher accounting fees (related to the EGX requirement to publish
quarterly reviewed financial statements) and additional bonus
payments to senior management during 2Q 2021.
-- Net Profit expanded 283% year-on-year to record EGP 668
million in 1H 2021, with a net profit margin of 29% versus 18% in
1H 2020. Net profit growth was supported by strong EBITDA level
profitability and comes despite IDH booking EGP 29 million in
one-off fees related to the Company's dual-listing in May 2021. In
2Q 2021, net profit stood at EGP 327 million with an associated
margin of 28%.
-- A dividend of US$ 29.1 million (US$ 0.0485 per share) for the
year ended 31 December 2020 was distributed to shareholders on 29
July 2021. This represents an increase of 4% compared to a final
dividend of US$ 28 million in aggregate in the previous financial
year.
3 Covid-19-related tests include both core Covid-19 tests
(Polymerase Chain Reaction (PCR), Antigen, and Antibody) as well as
other Covid-19-related tests which include a bundle of routine
inflammatory and clotting markers (which witnessed strong demand
following the outbreak of Covid-19) such as Complete Blood Picture,
Erythrocyte Sedimentation Rate (ESR), D-Dimer, Ferritin and
C-reactive Protein (CRP), among others.
4 Normalised EBITDA is calculated as operating profit plus
depreciation and amortization and minus one-off fees incurred in 1H
2021 (EGP 29 million) related to the Company's EGX listing
completed in May 2021.
ii. Operational Highlights
-- IDH's branch network stood at 495 branches as of 30 June
2021, up from 462 branches and 481 branches as of 30 June 2020 and
31 December 2020, respectively.
-- Total tests performed recorded 16.3 million in 1H 2021, up
45% year-on-year. Higher test volumes were supported by both IDH's
Covid-19-related(5) test offering as well as a sustained recovery
in the Group's conventional test offering, with the latter up 29%
versus the first six months of 2020. In 2Q 2021, IDH performed 8.3
million tests, up 2% from the previous quarter as IDH performed
both more Covid-19-related and conventional tests during the second
quarter of the year compared to the previous quarter. The
quarter-on-quarter expansion is particularly noteworthy as the
second quarter included the expected slowdown related to the holy
month of Ramadan and Eid vacation.
-- Average revenue per test expanded 66% year-on-year to EGP 141
in 1H 2021. Controlling for the generally higher value
Covid-19-related(4) tests, average revenue per test would have
increased 7% versus last year.
-- Total patients served reached 4.7 million in 1H 2021, a 62%
year-on-year increase. Meanwhile, average test per patient declined
to 3.5 in 1H 2021 from 3.9 last year as an increasing number of
patients visit the Group's labs for single Covid-19 tests (PCR,
Antigen and Antibody).
-- Revenue generated by IDH's Egyptian operations expanded 140%
year-on-year on the back of solid growth across both test and
patient volumes. On a service basis, top-line growth was supported
by both Covid-19-related(5) and conventional tests, and was further
bolstered by the Group's house call service which in 1H 2021 made
up 25% of Egypt's top-line versus 20% last year. Excluding
Covid-19-related contributions in 1H 2021, conventional tests
performed and revenue generated in Egypt expanded 29% and 38%
year-on-year, respectively.
-- Al-Borg Scan recorded revenue of EGP 20 million in 1H 2021,
an increase of 124% compared to last year. The number of radiology
tests performed during the first six months of 2021 reached 34,297,
more than double the tests performed last year.
-- Wayak turned EBITDA positive during 2Q 2021 on the back of
growing revenue and optimised overhead costs. On a year-to-date
basis, Wayak's revenue nearly tripled versus last year to reach EGP
4.3 million in 1H2021 supported by a growing customer base.
-- In Jordan, revenue increased 176% year-on-year on the back of
strong volume growth for the period. Top-line growth was supported
by Biolab's Covid-19-related test offering coupled with solid
growth in its conventional test offering, with the latter having
made a full recovery from last year's slowdown. In fact, excluding
Covid-19-related tests, the number of tests performed and revenue
generated would have increased 43% and 41%, respectively.
-- In August, Biolab was selected as the preferred bidder to
operate testing stations in Amman's Queen Alia International
Airport (QAIA). This landmark partnership will allow IDH to
continue playing a frontline role in the fight against Covid-19,
while helping to further expand Biolab's volumes and revenue in the
coming period.
-- In Nigeria, revenues continued their steady expansion,
growing 68% year-on-year (76% in NGN terms) in 1H 2021 supported by
a 47% increase in tests performed versus last year.
5 Covid-19-related tests include both core Covid-19 tests
(Polymerase Chain Reaction (PCR), Antigen, and Antibody) as well as
other Covid-19-related tests which include a bundle of routine
inflammatory and clotting markers (which witnessed strong demand
following the outbreak of Covid-19) such as Complete Blood Picture,
Erythrocyte Sedimentation Rate (ESR), D-Dimer, Ferritin and
C-reactive Protein (CRP), among others.
iii. Management Commentary
Commenting on the Group's performance for the six-month period,
IDH Chief Executive Officer Dr. Hend El-Sherbini said: "Halfway
through 2021, I am delighted with the Group's operational and
financial performance, which has seen us continue to build on an
impressive start to the year to deliver another set of
record-breaking results. Our revenues expanded an impressive 141%
versus last year on the back of growing patient and test volumes,
improved pricing and an increasingly optimised service mix. While
top-line growth continued to be bolstered by our
Covid-19-related(6) tests, I am happy to report that we have
continued to witness robust growth in our conventional test
offering for the second quarter in a row, signalling a sustained
recovery which we expect to continue even as Covid-19-related
volumes begin to taper off. It is particularly important to
highlight that the Group's conventional test volumes in 1H 2021
surpassed pre-Covid-19 levels, coming in 4% higher than test
volumes recorded in the same six months of 2019 after adjusting for
the impact of the 100 Million Healthy Lives Campaign(7) . This is
further evidence of the robust underlying demand for high quality
diagnostic services present across our markets of operation, and of
our continued ability to service this growing market."
"On a regional front, both our Egyptian and Jordanian operations
continued to report strong revenue growth supported by our
conventional and Covid-19-related service offering. Similar to the
trend witnessed at the consolidated level, across both geographies
we recorded robust growth in our conventional test portfolio
supported by a widespread recovery of economic activity coupled
with our multi-pronged efforts aimed at stimulating demand across
the entirety of our service roster. Top-line growth in both
countries was further buoyed by our home call services which
continue to grow in popularity especially in our home market of
Egypt, where tests performed directly in patient homes made up 25%
of the country's top-line in the first half of 2021. Our ability to
effectively ramp up the service in step with growing demand is
enabling us to perform up to five thousand house visits per day,
helping us to tap into new segments of the population while
boosting our tests per patient as patients enjoy the added comfort
of having the tests administered in their own homes. House call
services represent an important driver of future growth for the
Company well beyond the end of the Covid-19 crisis, and as such we
are continuing our efforts to expand and further streamline the
service. In parallel, we are also seeing growing contributions
coming from our radiology venture, Al-Borg Scan, which recorded
year-on-year revenue growth of 124% as tests performed more than
doubled in the first half of the year. To capitalise on the
attractive growth opportunities offered by the segment, we are
currently aiming to launch at least three new Al-Borg Scan branches
over the coming twelve months. Looking ahead, we expect to continue
recording growing contributions to consolidated revenue and
profitability as Al-Borg Scan's operations ramp up further."
"At our Nigerian operations, we witnessed sustained top-line
growth of 68% for the first half of this year. This comes as our
investments to revamp Echo-Lab's operations and strategic marketing
efforts continue to bear fruit, attracting an increasing number of
patients to our branches. This is a particularly noteworthy
achievement in light of the multiple political and pandemic-related
difficulties faced over the last year. Finally in Sudan, despite
recording an impressive 217% year-on-year revenue expansion in
local currency, the significant devaluation of the Sudanese Pound
in February 2021 continued to weigh on the country's results.
Despite this, we remain committed to the country in the long-term,
with management hard at work to continue driving sustainable
long-term growth beyond the current difficult operating
environment."
"Further down the income statement, we reported impressive
margin expansions at all levels of profitability supported by
strong top-line and the subsequent dilution of IDH's fixed costs.
Additionally, starting in the second quarter of this year we
recorded a decline in raw material as percentage of revenues to
16.8% compared to 19.3% in the previous quarter. This was partially
due to a decline in Jordan's Covid-19-positive cases requiring
confirmatory retests, and is also directly attributable to our
successful efforts to reduce PCR test kit costs. Overall, strong
top-line growth combined with increased cost efficiencies, higher
interest income, and lower provisions booked in the first half of
2021, helped drive a nearly fourfold increase in net profit for 1H
2021 which reached EGP 668 million with an associated margin of
29%."
"Heading into the second half of the year, our strategic
priorities remain unchanged as we aim to capitalise on the positive
momentum witnessed across both our operations and the wider
macroeconomic context. In the short-term we will continue to assist
governments in Egypt and Jordan in their fight against the Covid-19
pandemic providing our full roster of Covid-19-related services
across both our branches and through our expanded house call
service. On this front, I am very happy with our efforts to secure
multiple new partnerships over the last few months to offer PCR
testing to travellers in both Egypt and Jordan. Most importantly, I
am pleased to note that Biolab, our Jordanian subsidiary, has been
selected as the preferred bidder by Airport International Group
(AIG), the operator of Amman's Queen Alia International Airport, to
carry out PCR testing for passengers arriving in Jordan. As part of
the agreement, Biolab will also offer rapid PCR testing for
Covid-19 to departing passengers who were not able to do a PCR test
prior to reaching the airport. Through this landmark partnership,
we will be able to continue playing a frontline role in the fight
against the Covid-19 virus in Jordan while further expanding our
reach and patient base in the country. In parallel, we are looking
to sign additional strategic deals with international air carriers
to perform PCR tests for passengers similar to our existing
agreements with National Air Services (NAS) and Pure Health UAE
which see us conduct PCR testing for passengers flying from Egypt
to Kuwait and the UAE. Our ability to secure such partnerships is
proof positive of the strong reputation enjoyed by IDH both locally
and internationally, and further strengthens our offering for
international travellers which currently sees the Company offer
internationally-accredited PCR tests to travellers within and
outside the MENA region. Meanwhile, we are working tirelessly to
deliver on our post-Covid-19 growth strategy which will see us
leverage our expanded patient base, branch network, and service
offering to drive new sustainable growth in the years to come. To
this end, in the first six months of the year we successfully added
14 new branches in our home market of Egypt, keeping us on track to
meet our goal of 30 to 35 new lab rollouts for 2021 and helping us
to further cement our leadership position in the country's private
sector diagnostics market. In parallel, we continue to assess
potential growth opportunities across new African, Middle Eastern,
and Asian markets, and have secured a USD 45 million loan from the
International Finance Corporation (IFC) to finance our growth plans
in the coming period."
"In light of our half-year results and the encouraging recovery
witnessed across our markets, I am confident that the Group is on
track to deliver a record-breaking performance in 2021, with
year-on-year revenue growth surpassing the 70% mark and a
normalised EBITDA(8) margin of 47% to 49%. We expect our full-year
performance to be supported by both our conventional test offering,
which in 1H 2021 continued to witness a robust rebound, coupled
with continued strong demand for our Covid-19-related portfolio.
Moreover, with Egypt expected to record a new wave of infections
later this year, we could see greater than forecasted demand for
our Covid-19-related offering in the second half of 2021, with the
segment potentially pushing consolidated top-line growth into the
80% range, with an EBITDA margin of around 50%."
6 Covid-19-related tests include both core Covid-19 tests
(Polymerase Chain Reaction (PCR), Antigen, and Antibody) as well as
other Covid-19-related tests which include a bundle of routine
inflammatory and clotting markers (which witnessed strong demand
following the outbreak of Covid-19) such as Complete Blood Picture,
Erythrocyte Sedimentation Rate (ESR), D-Dimer, Ferritin and
C-reactive Protein (CRP), among others.
7 The 100 Million Healthy Lives Campaign which ran from November
2018 through June 2019. As part of the Campaign, the Group
performed 2.4 million tests in 1H 2019.
(8) Normalised EBITDA is calculated as operating profit plus
depreciation and amortization and minus one-off fees incurred in 1H
2021 (EGP 29 million) related to the Company's EGX listing
completed in May 2021.
- End -
Analyst and Investor Call Details
An analyst and investor call will be hosted at 2pm (UK) | 3pm
(Egypt) on Monday, 6 September 2021.
Web conference access details
You can register for the call by clicking on this link , and you
may dial in using the conference call details below:
-- Dial-in Number: 820 8840 0136
-- Confirmation Number: 131242
Regular dial-in details
US dial-in number: +1 (646) 558-8656
UK dial-in number: +44 208 080 6592
Meeting ID: 820 8840 0136
Password: 131242
For more information about the event, please contact:
nancy.fahmy@idhcorp.com
About Integrated Diagnostics Holdings (IDH)
IDH is a leading consumer healthcare company in the Middle East
and Africa with operations in Egypt, Jordan, Sudan and Nigeria. The
Group's core brands include Al Borg, Al Borg Scan and Al Mokhtabar
in Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar
Sudan (both in Sudan) and Echo-Lab (Nigeria). A long track record
for quality and safety has earned the Company a trusted reputation,
as well as internationally recognised accreditations for its
portfolio of over 2,000 diagnostics tests. From its base of 495
branches as of 30 June 2021, IDH will continue to add laboratories
through a Hub, Spoke and Spike business model that provides a
scalable platform for efficient expansion. Beyond organic growth,
the Group's expansion plans include acquisitions in new Middle
Eastern, African, and East Asian markets where its model is
well-suited to capitalise on similar healthcare and consumer trends
and capture a significant share of fragmented markets. IDH has been
a Jersey-registered entity with a Standard Listing on the Main
Market of the London Stock Exchange (ticker: IDHC) since May 2015
with a secondary listing on the EGX since May 2021 (ticker:
IDHC.CA).
Shareholder Information
LSE: IDHC.L
EGX: IDHC.CA
Bloomberg: IDHC:LN
Listed on LSE: May 2015
Listed on EGX: May 2021
Shares Outstanding: 600 million
Contact
Nancy Fahmy
Investor Relations Director
T: +20 (0)2 3345 5530 | M: +20 (0)12 2255 7445 |
nancy.fahmy@idhcorp.com
Forward-Looking Statements
These results for the six-month period ended 30 June 2021 have
been prepared solely to provide additional information to
shareholders to assess the group's performance in relation to its
operations and growth potential. These results should not be relied
upon by any other party or for any other reason. This communication
contains certain forward-looking statements. A forward-looking
statement is any statement that does not relate to historical facts
and events, and can be identified by the use of such words and
phrases as "according to estimates", "aims", "anticipates",
"assumes", "believes", "could", "estimates", "expects",
"forecasts", "intends", "is of the opinion", "may", "plans",
"potential", "predicts", "projects", "should", "to the knowledge
of", "will", "would" or, in each case their negatives or other
similar expressions, which are intended to identify a statement as
forward-looking. This applies, in particular, to statements
containing information on future financial results, plans, or
expectations regarding business and management, future growth or
profitability and general economic and regulatory conditions and
other matters affecting the Group .
Forward-looking statements reflect the current views of the
Group's management ("Management") on future events, which are based
on the assumptions of the Management and involve known and unknown
risks, uncertainties and other factors that may cause the Group's
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by these forward-looking statements. The
occurrence or non-occurrence of an assumption could cause the
Group's actual financial condition and results of operations to
differ materially from, or fail to meet expectations expressed or
implied by, such forward-looking statements.
The Group's business is subject to a number of risks and
uncertainties that could also cause a forward-looking statement,
estimate or prediction to differ materially from those expressed or
implied by the forward-looking statements contained in this
communication. The information, opinions and forward-looking
statements contained in this communication speak only as at its
date and are subject to change without notice. The Group does not
undertake any obligation to review, update, confirm or to release
publicly any revisions to any forward-looking statements to reflect
events that occur or circumstances that arise in relation to the
content of this communication.
Group Operational & Financial Review
i. Revenue and Cost Analysis
Revenue
IDH reported revenue of EGP 2,293 million in 1H 2021,
up an impressive 141% from the comparable period of
last year driven by both its Covid-19-related(9) tests
and a sustained recovery in the Group's conventional
test offering. Year-on-year top-line growth continued
to be dually-driven as tests performed in 1H 2021 expanded
45% versus last year and average revenue per test increased
66% compared to the same six months of 2020. Although
strong and rising demand for IDH's Covid-19-related
test offering saw it make up nearly half of IDH's consolidated
top-line (48% in 1H 2021 vs 9% in 1H 2020), the Group's
conventional test offering also recorded robust year-on-year
growth of 38% of the period. Growth in conventional
business came on the back of a 29% increase in tests
performed and a 7% rise in average revenue per conventional
test.
Looking at the Group's Covid-19-related offering in
more detail, revenues generated from core Covid-19
tests (PCR, Antigen and Antibody) amounted to EGP 830
million in 1H 2021, making up 36% of consolidated top-line
for the period. In parallel, revenue generated by IDH's
other Covid-19-related tests reached EGP 275 million
in 1H 2021.
IDH's consolidated top-line was also supported by its
ramped-up house call service in Egypt and Jordan, which
contributed to 23% to consolidated revenue for 1H 2021
compared to 18% in 1H 2020. Through its house call
service, IDH served more than 646,000 patients in 1H
2021, up 88% versus 1H 2020, performing more than 3.4
million tests, 49% above the figure recorded in 1H
2021. Leveraging an expanded reach, IDH was able to
carry out an average of 3,600 house call visits per
day in 1H 2021, up significantly from the 1,900 visits
per day performed in 1H 2020.
The Group's year-to-date performance was bolstered
by a remarkable second quarter, which saw IDH build
an already strong first three months of the year. In
2Q 2021, IDH recorded revenue of EGP 1,164 million,
up 159% versus the previous year and 3% above revenue
recorded in 1Q 2021. As with the year-to-date performance,
growth was supported by IDH's full service roster,
with the number of conventional tests performed increasing
2.3% quarter-on-quarter despite the typical slowdown
associated with the holy month of Ramadan and Eid holiday
during 2Q 2021.
Detailed Consolidated Revenue Breakdown EGP mn 1Q 2020 1Q 2021 2Q 2020 2Q 2021 1H 2020 1H2021
------------------------- -------- -------- -------- -------- -------- -------
Total revenues 500 1,130 450 1,164 950 2,293
Conventional tests 495 594 367 595 862 1,189
Total Covid-19-related
tests 5 536 83 569 88 1,105
Core Covid-19
tests (PCR, Antigen,
Antibody) 5 399 26 431 31 830
Other Covid-19-related
tests 0 137 57 138 57 275
------------------------- -------- -------- -------- -------- -------- -------
Contribution to consolidated revenue
------------------------------------------------------------------------------------
Conventional tests 99% 53% 82% 51% 91% 52%
Total Covid-19-related
tests 1% 47% 18% 49% 9% 48%
Core Covid-19
tests (PCR, Antigen,
Antibody) 1% 35% 6% 37% 3% 36%
Other Covid-19-related
tests 0% 12% 13% 12% 6% 12%
9 Covid-19-related tests include both core Covid-19
tests (Polymerase Chain Reaction (PCR), Antigen, and
Antibody) as well as other Covid-19-related tests which
include a bundle of routine inflammatory and clotting
markers (which witnessed strong demand following the
outbreak of Covid-19) such as Complete Blood Picture,
Erythrocyte Sedimentation Rate (ESR), D-Dimer, Ferritin
and C-reactive Protein (CRP), among others.
Revenue Analysis: Contribution by Patient Segment
Contract Segment
At the Group's contract segment, revenue increased
149% year-on-year as test performed expanded 49% and
average revenue per contract test increased 68% in
1H 2021. This saw the segment's contribution to total
revenues reach 55% for the period versus 53% in the
same six months of 2020. Covid-19-related(10) testing
contributed 47% of contract revenues in the first half
of the year as the Company continued to witness strong
demand for its offering in both Egypt and Jordan. Excluding
Covid-19-related tests, the contract segment would
have recorded an 45% year-on-year increase in revenue
supported by a 33% rise in tests performed and a 9%
increase in average revenue per test.
The contract segment's results continued to include
contributions from IDH's agreement with Pure Health
UAE (EGP 57 million), which saw IDH become the first
lab to conduct PCR testing to screen passengers travelling
from Egypt. In 1H 2021, PCR tests for Covid-19 performed
as part of the agreement made up 5% of contract segment
revenues and 7% of total core Covid-19 tests (PCR,
Antigen, and Antibody) performed during the period.
Walk-in Segment
Revenue from IDH's walk-in segment recorded a 132%
year-on-year expansion in 1H 2021, contributing to
45% of consolidated revenues for the period versus
the 47% contribution in the comparable period of 2020.
In the first six months of the year, average revenue
per test at the walk-in segment increased 71% year-on-year,
while tests performed increased by 36% versus 1H 2020.
The walk-in segment's revenue was also bolstered by
the Group's Covid-19-related test offering, which in
1H 2021 contributed to just under half of the segment's
top-line at 49%. Controlling for contributions from
Covid-19-related tests in both periods, walk-in revenues
for 1H 2021 would have increased a solid 30% versus
last year on the back of a 17% rise in tests performed
and an 11% increase in average revenue per test.
Key Performance Indicators Walk-in Segment Contract Segment Total
=================== ======================= ======================== =========================
1H20 1H21 Change 1H20 1H21 Change 1H20 1H21 Change
=================== ====== ====== ======= ====== ======= ======= ======= ======= =======
Revenue^
(EGP mn) 443 1,029 132% 507 1,264 149% 950 2,293 141%
Covid-19-related
revenue
(EGP mn) 41 506 47 598 88 1,105
Patients
('000) 943 1,523 62% 1,947 3,150 62% 2,890 4,673 62%
% of Patients 33% 33% 67% 67%
Revenue
per Patient
(EGP) 470 676 44% 260 401 54% 329 491 49%
------------------- ------ ------ ------- ------ ------- ------- ------- ------- -------
Tests ('000) 3,063 4,164 36% 8,171 12,153 49% 11,234 16,318 45%
% of Tests 27% 26% 73% 74%
Covid-19-related
tests ('000) 161 758 372% 417 1,842 342% 577 2,600 350%
Revenue
per Test
(EGP) 145 247 71% 62 104 68% 85 141 66%
Test per
Patient 3.3 2.7 -16% 4.2 3.9 -8% 3.9 3.5 -10%
------------------- ------ ------ ------- ------ ------- ------- ------- ------- -------
1 (0) Covid-19-related tests include both core Covid-19
tests (Polymerase Chain Reaction (PCR), Antigen, and
Antibody) as well as other Covid-19-related tests which
include a bundle of routine inflammatory and clotting
markers (which witnessed strong demand following the
outbreak of Covid-19) such as Complete Blood Picture,
Erythrocyte Sedimentation Rate (ESR), D-Dimer, Ferritin
and C-reactive Protein (CRP), among others.
Revenue Analysis: Contribution by Geography
Egypt
In Egypt, revenues recorded EGP 1,935 million in the
first half of 2021, a 140% increase versus last year
supported by a 44% year-on-year rise in tests performed
and a 67% year-on-year rise in average revenue per
test. Revenue growth for the period was supported by
both Covid-19-related(11) test offering, which in 1H
2021 made up 47% of the country's revenue, and conventional
test offering. More specifically, when controlling
for contributions made by Covid-19-related tests, revenue
increased 38% versus 1H 2020 on the back of a solid
29% rise in conventional tests performed during the
period.
On a quarterly basis, Egypt recorded revenue of EGP
1,015 million in 2Q 2021, up 166% versus 2Q 2020 and
10% from 1Q 2021. During the quarter, IDH saw Covid-19-related
revenues in Egypt reach a new all-time high of EGP
504 million versus EGP 414 million in 1Q 2021 and EGP
273 million in 4Q 2020, as the second quarter coincided
with the peak of country's third wave of Covid-19 infections.
IDH's house call service, which throughout 2020 and
the first half of 2021 has been successfully ramped
up to capitalise on the service's growing popularity,
continued to make a growing contribution to revenues,
constituting 25% of Egypt's top-line in 1H 2021 (20%
in 1H 2020).
IDH's Al-Borg Scan recorded robust revenue growth during
the first half of 2021, with its top-line expanding
to EGP 20 million, a 124% year-on-year rise. This came
on the back of a 103% increase in the total number
of radiology tests performed, coupled with a 10% increase
in average revenue per test following the introduction
of the higher-priced PET-CT scan in late 2020.
Overall, IDH served 4.1 million patients in Egypt and
performed 14.6 million tests in 1H 2021, up by 56%
and 44% year-on-year, respectively.
Detailed Egypt Revenue Breakdown EGP mn 1Q 2020 1Q 2021 2Q 2020 2Q 2021 1H 2020 1H2021
------------------------- -------- -------- -------- -------- -------- -------
Total revenues 424 920 381 1,015 805 1,935
Conventional tests 424 507 314 510 738 1,017
Total Covid-19-related
tests 0 414 67 504 67 918
Core Covid-19
tests (PCR, Antigen,
Antibody) 0 277 10 366 10 643
Other Covid-19-related
tests 0 137 57 138 57 275
------------------------- -------- -------- -------- -------- -------- -------
Contribution to Egypt revenue
------------------------------------------------------------------------------------
Conventional tests 100% 55% 82% 50% 92% 53%
Total Covid-19-related
tests 0% 45% 18% 50% 8% 47%
Core Covid-19
tests (PCR, Antigen,
Antibody) 0% 30% 3% 36% 1% 33%
Other Covid-19-related
tests 0% 15% 15% 14% 7% 14%
11 Covid-19-related tests include both core Covid-19
tests (Polymerase Chain Reaction (PCR), Antigen, and
Antibody) as well as other Covid-19-related tests which
include a bundle of routine inflammatory and clotting
markers (which witnessed strong demand following the
outbreak of Covid-19) such as Complete Blood Picture,
Erythrocyte Sedimentation Rate (ESR), D-Dimer, Ferritin
and C-reactive Protein (CRP), among others.
Jordan
Revenue generated by IDH's Jordanian operations grew
176% year-on-year in 1H 2021 to reach EGP 324 million.
Top-line growth was driven by a 79% increase in test
performed during the period and a 54% rise in Biolab's
average revenue per test. In the first half the year,
Covid-19-related tests (PCR, Antigen, and Antibody)
contributed to 58% of Jordan's revenue and to 24% of
Biolab's total tests performed. Meanwhile, controlling
for contributions made by the Group's Covid-19-related
offering, revenue grew by a robust 41% year-on-year
on the back of a 43% increase in conventional tests
performed in 1H 2021. Revenue generated by Biolab's
house call service more than doubled versus last year
to reach EGP 34 million in 1H 2021, continuing to make
a significant contribution to Jordan's top-line at
11% versus the 13% contribution made in 1H 2020. House
call's contribution to Jordan's top-line decreased
versus last year in light of the strong growth recorded
by Biolab's conventional business which had been impacted
by curfews and other Covid-19-related restrictions
during the comparable six months of last year.
On a quarterly basis, Jordan's revenue reached EGP
134 million, up 125% year-on-year but down 30% versus
1Q 2021. The quarter-on-quarter contraction comes as
Covid-19-related revenue continued to decline on the
back of lower infection rates as the country further
ramps up its vaccination campaign. When combined with
the strong recovery of Biolab's conventional test offering,
this saw the contribution made by Covid-19-related
tests to Biolab's top-line continue on its declining
trajectory from 71% in 4Q 2020, to 64% in 1Q 2021 and
48% in 2Q 2021.
It is also worth noting, that in August 2021, Biolab
was selected as the preferred bidder by Airport International
Group (AIG), the operator of Amman's Queen Alia International
Airport (QAIA), to operate testing stations in QAIA's
departure and arrival terminals primarily dedicated
to PCR testing for Covid-19. The main focus of the
testing stations will be to offer PCR testing for Covid-19
to passengers arriving in Jordan, as well as additional
diagnostic tests to patients including rapid Covid-19
testing for departing passengers and other, more generic
diagnostic tests. The agreement, which came into effect
on 1 August 2021, has a six-month duration with the
option to renew for additional six-month periods.
Detailed Jordan Revenue Breakdown EGP mn 1Q 2020 1Q 2021 2Q 2020 2Q 2021 1H 2020 1H2021
------------------------ -------- -------- -------- -------- -------- -------
Total revenues 58 190 59 134 117 324
Conventional revenue 53 68 44 69 97 137
Total Covid-19-related
revenue (PCR,
Antigen, Antibody) 5 122 16 65 21 187
Contribution to Jordan revenue
-----------------------------------------------------------------------------------
Conventional revenue 91% 36% 74% 52% 82% 42%
Total Covid-19-related
revenue (PCR,
Antigen, Antibody) 9% 64% 26% 48% 18% 58%
Nigeria
At the Group's Nigerian subsidiary, revenue recorded
EGP 25 million in the first half of 2021, up 68% from
EGP 15 million in the first six months of last year.
In local currency terms, growth was even more pronounced
with revenues up 76% year-on-year on the back of a
47% year-on-year expansion in tests performed (patients
served were up 25%) and a 14% increase in average revenue
per test. The steady rise in volumes recorded in the
last two years comes as a direct results of management's
strategic investments to revamp Echo-Lab's branches
coupled with effective marketing campaigns aimed at
stimulating demand for the venture's services. Moreover,
volumes are also benefitting from a gradual normalisation
of traffic following the easing of restrictive measures
enforced to curb the spread of Covid-19 throughout
2020, and the relative stability following protests
in the final weeks of last year. On a quarterly basis,
IDH's Nigeria operations reported revenues of EGP 13
million, more than double the figure recorded in the
second quarter of last year and 3% above revenues reported
in the first three months of 2021.
Sudan
In Sudan, IDH reported a 25% year-on-year decline in
revenues to EGP 9 million for 1H 2021. The country's
results were significantly impacted by the devaluation
of the Sudanese pound in early 2021 with the average
SDG/EGP rate in 1H 2021 standing at 0.07 versus 0.30
this time last year. Nonetheless, management's success
in increasing prices saw revenue in local currency
terms expand a remarkable 217% year-on-year in 1H 2021.
Revenue Contribution by Country 1H 2020 1H 2021 Change
========================= ======== ======== =======
Egypt Revenue (EGP
mn) 805 1,935 140%
Covid-19-related (EGP
mn) 67 918 1,260%
Egypt Contribution 85% 84%
========================= ======== ======== =======
Jordan Revenue (EGP
mn) 117 324 176%
Covid-19-related (EGP
mn) 21 187 804%
Jordan Revenue (JOD
mn) 5 15 177%
Jordan Contribution 12% 14%
========================= ======== ======== =======
Nigeria Revenue (EGP
mn) 15 25 68%
Nigeria Revenue (NGN
mn) 359 632 76%
Nigeria Contribution 2% 1%
Sudan Revenue (EGP
mn) 12 9 -25%
Sudan Revenue (SDG
mn) 41 129 217%
Sudan Contribution 1% 0.4%
========================= ======== ======== =======
---
Patients Served and Tests Performed by Country 1H 2020 1H 2021 Change
================================= ======== ======== =======
Egypt Patients Served (mn) 2.6 4.1 56%
Egypt Tests Performed (mn) 10.1 14.6 44%
Covid-19-related tests (mn) 0.5 2.3 318%
================================= ======== ======== =======
Jordan Patients Served (k) 160 502 214%
Jordan Tests Performed (k) 810 1,447 79%
Covid-19-related tests (k) 37 342 822%
Nigeria Patients Served (k) 60 75 25%
Nigeria Tests Performed (k) 92 136 47%
Sudan Patients Served (k) 59 33 -44%
Sudan Tests Performed (k) 188 104 -45%
================================= ======== ======== =======
Total Patients Served (mn) 2.9 4.7 62%
Total Tests Performed (mn) 11.2 16.3 45%
Branches by Country 30 June 2020 30 June 2021 Change
================ ============= ============= =============
Egypt 410 443 33
================ ============= ============= =============
Jordan 19 21 2
================ ============= ============= =============
Nigeria 12 12 -
================ ============= ============= =============
Sudan 21 19 -2
================ ============= ============= =============
Total Branches 462 495 33
================ ============= ============= =============
-Cost of Goods Sold
IDH's cost of goods sold increased 96% year-on-year
to EGP 988 million in 1H 2021, a much slower increase
than the 141% growth in revenues. As such, gross profit
for the period increased 193% year-on-year to EGP 1,305
million in 1H 2021, with an associated margin of 57%,
up 10 percentage points from 1H 2020.
COGS Breakdown as a Percentage of Revenue 1H 2020 1H 2021
============================= ======== ========
Raw Materials 15.9% 18.1%
============================= ======== ========
Wages & Salaries 17.0% 12.9%
============================= ======== ========
Depreciation & Amortisation 8.4% 4.2%
============================= ======== ========
Other Expenses 11.7% 7.8%
============================= ======== ========
Total 53.0% 43.1%
============================= ======== ========
Raw material costs, which include cost of specialized
analysis at other laboratories, recorded EGP 414 million
in 1H 2021, and continued to make up the largest share
of total COGS at 42%. As a share of revenue, raw material
costs increased to 18% in 1H 2021 compared to 16% in
the same period of last year. The increase is partially
attributable to the retesting of Covid-19 positive
cases at IDH's Jordanian subsidiary. Moreover, the
year-on-year growth also partially reflects the low
base effect resulting from a one-off discount granted
by suppliers during the comparable period of last year.
It is worth highlighting that in 2Q 2021, raw material
costs as a percentage of revenue declined to 16.8%
versus the 19.3% share recorded in the previous quarter.
The fall comes on the back of lower Covid-19-positive
cases in Jordan combined with management's success
in driving down PCR test kit costs. It should be noted
that Jordan's raw material costs contributed to around
26% of the consolidated raw material costs for 1H 2021
and to 20% in 2Q 2021. Meanwhile, Egypt's raw materials
made up 71% of total raw material costs in the six-month
period, with a stable raw material to revenues ratio
of 14%.
Direct salaries and wages increased 84% year-on-year
to EGP 296 million in 1H 2021 and made up the second
largest share of total COGS for the six-month period
at 30%. The increase is largely attributable to a rise
in the share of profits allocated to direct salaries
and wages to EGP 87 million in 1H 2021 from EGP 26
million 1H 2020 following higher net profit recorded
at its Egyptian operations,(12) in addition to higher
bonuses/incentives paid during the period.
Direct depreciation and amortisation was up 22% year-on-year
in 1H 2021 to EGP 97 million, largely due to the incremental
amortisation of additional branches (IFRS 16 right-of-use
assets).
EBITDA
IDH's normalised EBITDA(13) grew a remarkable 227%
year-on-year to reach EGP 1,203 million in 1H 2021.
Normalised EBITDA margin expanded to 52% in 1H 2021
versus the 39% margin recorded in 1H 2020, on the back
of strong top-line growth and the dilution of fixed
costs. EBITDA growth was further bolstered by the normalization
of provisions booked during the first six months of
the year which in 1H 2021 stood at EGP 10 million versus
the EGP 28 million booked in 1H 2020 to account for
expected credit losses in accordance with IFRS 9. Normalised
EBITDA excludes one-off listing fees of EGP 29 million
incurred in 1H 2021 related to the Company's dual listing
on the EGX completed in May 2021.
On a quarterly basis, normalised EBITDA recorded EGP
603 million in 2Q 2021, up 267% year-on-year and largely
in line with the figure recorded in 1Q 2021. Normalised
EBITDA margin stood at 52% for the quarter, down from
the 53% margin recorded in 1Q 2021 as IDH booked higher
accounting fees (related to the EGX requirement to
publish quarterly reviewed financial statements) and
additional bonus payments to senior management during
2Q 2021.
In Egypt, EBITDA recorded EGP 1,075 million in 1H 2021,
up 223% year-on-year on the back of strong top-line
growth. EBITDA margin increased to 56% for the first
half of the year from 41% in 1H 2020.
IDH's Jordanian operations recorded a 240% year-on-year
rise in EBITDA to EGP 131 million for 1H 2021 on the
back of strong revenue growth for the six-month period.
In local currency terms, EBITDA grew 242% compared
to last year. EBITDA margin recorded 40% in the first
half of 2021, up from the 33% margin recorded in the
comparable period of 2020.
(12) According to IAS 1, 10% of Egypt's net profit
is allocated to direct wages and salaries.
(13) Normalised EBITDA is calculated as operating
profit plus depreciation and amortization and minus
one-off fees incurred in 1H 2021 related to the Company's
EGX listing completed in May 2021.
In Nigeria, EBITDA losses stood largely unchanged at
EGP 4.3 million in 1H 2021. However, it is important
to note that the figure includes a one-off adjustment
related to the previous year of EGP 3.2 million.
Finally, Sudan's EBITDA recorded EGP 0.7 million in
1H 2021, down 3% year-on-year with an EBITDA margin
of 8% compared to 6% last year. EBITDA for the period
was weighed down by the sharp SDG devaluation in February
of this year. However, in SDG terms, EBITDA more than
quadrupled to SDG 10 million supported by management's
pricing strategy aimed at mitigating the impacts of
the country's hyperinflationary environment.
Regional EBITDA in Local Currency Mn 1H 2020 1H 2021 Change
----------------- -------- -------- -------
Egypt EGP 332 1,075 223%
margin 41% 56%
Jordan JOD 1.7 5.9 242%
margin 33% 40%
Nigeria NGN -101 -108 7%
margin -28% -17%
Sudan SDG 2 10 309%
margin 6% 8%
Interest Income / Expense
IDH recorded interest income of EGP 45 million in 1H
2021, up 34% year-on-year on the back of higher cash
balances during the period.
Interest expense recorded EGP 54 million in the first
half of 2021 versus EGP 37 million in 1H 2020. The
year-on-year increase in largely attributable to the
loan-related expenses incurred by IDH during the period
as the Company secured a new eight-year US$ 45 million
facility with the International Finance Corporation
(IFC) in May 2021. During 1H 2021, IDH booked loan-related
expenses of EGP 12.5 million including a front-end
fee, syndication fee, and legal advisory fees. The
facility will be used to finance IDH's growth plans
across new and existing markets. The loan has a four
year grace period and availability period of two years.
Higher interest expenses for the period also partially
reflect higher interest on lease liabilities related
to IFRS 16 following the addition of new branches,
as well as higher bank charges resulting from increased
penetration of, and reliance on, POS machines and electronic
payments during the period.
Interest Expense Breakdown EGP Mn 1H 2020 1H 2021 Change
=============================== ======== ======== =======
Interest on Lease Liabilities
(IFRS 16) 26.4 28.9 9%
=============================== ======== ======== =======
Interest Expenses on
Borrowings(14) 6.9 4.8 -31%
=============================== ======== ======== =======
Loan-related Expenses - 12.5 N/A
on IFC facility
=============================== ======== ======== =======
Interest Expenses on
Leases 2.2 2.8 30%
=============================== ======== ======== =======
Bank Charges 1.2 5.4 337%
=============================== ======== ======== =======
Total Interest Expense 36.7 54.4 48%
=============================== ======== ======== =======
(14) Related to medium-terms loans for the Al Borg
Scan expansion (EGP 3.0 million) and the Group's new
headquarters in Cairo's Smart Village (EGP 1.7 million).
Foreign Exchange
IDH recorded a net foreign exchange loss of EGP 19
million in 1H 2021 compared to EGP 4 million in the
same six months a year ago. The figure largely reflects
FX losses on the back of the SDG devaluation versus
the EGP in February 2021.
Taxation
Tax expenses recorded in 1H 2021 were EGP 367 million
compared to EGP 95 million in the same period of last
year. The effective tax rate stood at 35% in the period
unchanged versus 1H 2020. It is important to note that
there is no tax payable for IDH's two companies at
the holding level, while tax was paid on profits generated
by operating subsidiaries.
Net Profit
IDH's consolidated net profit recorded EGP 668 million
in the first half of 2021, up an impressive 283% year-on-year.
Improving net profitability was supported by strong
revenue growth coupled with increased cost efficiencies,
higher interest income and normalising provisions for
the period. As such, net profit margin stood at 29%
in 1H 2021, up from 18% last year.
ii. Balance Sheet Analysis
Assets
Property, Plant and Equipment
IDH held gross property, plant and equipment (PPE) of EGP 1,365
million as at 30 June 2021, up from the EGP 1,247 million as of 31
December 2020. Meanwhile, CAPEX outlays represented around 5% of
consolidated revenues in the first half of the year.
Accounts Receivable and Provisions
As at 30 June 2021, accounts receivables' Days on Hand (DOH)
stood at 97 days compared to 144 days at year-end 2020, displaying
a sustained improvement in collections during the first six months
of the year versus 2020. Accounts receivables' DOH is calculated
based on credit revenues amounting to EGP 637.9 million during 1H
2021.
Provision for doubtful accounts established during the first six
months of 2021 amounted to EGP 10 million, down from the EGP 28
million booked in provisions in the comparable period of last year.
This comes as collection cycles continue to normalise following a
period of heightened uncertainty in the first stages of the
Covid-19 crisis.
Inventory
As at 30 June 2021, the Group's inventory balance reached EGP
142 million, up from EGP 100 million as at year-end 2020. Days
Inventory Outstanding (DIO) decreased to 54 days as at 30 June 2021
from 72 days as at year-end 2020. The decline is largely
attributable the high turnover of PCR testing for Covid-19.
Cash and Net Debt/Cash
IDH's cash balances increased to EGP 1,587(15) million as at 30
June 2021 compared to EGP 877 million as at 31 December 2020.
Net cash balance(16) amounted to EGP 904(17) million as at 30
June 2021, an increase of 181% compared to EGP 321 million as at 31
December 2020.
(15) The figure does not include dividend payments of US$ 29.1
million distributed to shareholders on 29 July 2021.
(16) The net cash balance is calculated as cash and cash
equivalent balances less interest-bearing debt (medium term loans),
finance lease and Right-of-use liabilities.
(17) Pre-dividend distribution.
EGP million FY 2020 1H 2021
=================================== ======== =========
Cash and Investments at Amortised
Cost 876.8 1,587.0
=================================== ======== =========
Interest Bearing Debt ("Medium
Term Loans")(18) 96.5 86.0
=================================== ======== =========
Lease Liabilities Property 389.9 468.0
=================================== ======== =========
Lease Liabilities Equipment 69.1 128.8
=================================== ======== =========
Net Cash Balance 321.3 904.2
=================================== ======== =========
(18) IDH's interest bearing debt as at 30 June 2021 is split as
EGP 26 million related to its medium term facility with the
Commercial International Bank (CIB) and EGP 57 million to its
facility Ahli United Bank Egypt (AUBE).
Lease liabilities on property stood at EGP 468.0 million as at
1H 2021 versus the EGP 389.9 million booked in FY 2020. The
increase is attributable to the addition of new branches during the
first six months of 2021 as well as Al-Borg Scan's third branch
which is expected to come online in September of this year.
Meanwhile, financial obligations related to equipment recorded EGP
128.8 million as at 30 June 2021, up from EGP 69.1 million as at
year-end 2020. The increase comes following the renewal of the
Company's contracts and the addition of new equipment.
Liabilities
Accounts Payable
As at 30 June 2021, accounts payable balance stood at EGP 225
million up from EGP 178 million as at year-end 2020. However, the
Group's days payable outstanding (DPO) stood at 91 days as at 30
June 2021 down from 127 days as year-end 2020. The decline
primarily reflects the fact that PCR testing kit suppliers are paid
within a period of 15 days.
iii. Cash Flow Analysis
Net cash flow from operating activities recorded EGP 866 million
in the first half of 2021 compared to EGP 149 million in 1H 2020,
demonstrating the company's continued strong cash generation
ability.
iv. Dividend
A dividend of US$ 29.1 million (US$ 0.0485 per share) for the
year ended 31 December 2020 was distributed to shareholders on 29
July 2021. This represents an increase of 4% compared to a final
dividend of US$ 28 million in aggregate in the previous financial
year.
Principal Risks and Uncertainties
As in any corporation, IDH has exposure to risks and
uncertainties that may adversely affect its performance. The Board
and senior management agree that the principal risks and
uncertainties facing the Group include political and economic risks
in Egypt, the Middle East and Nigeria, foreign currency exchange
rate variability and associated risks, changes in regulation and
regulatory actions, damage to the Group's reputation, failure to
maintain the Group's high quality standards and accreditations,
failure to maintain good relationships with healthcare
professionals and end-users, pricing pressures and business
interruption of the Group's testing facilities, among others.
Other short-term risks include operational disruptions related
the Covid-19 pandemic; delays in branch openings and renovations in
Nigeria and difficulties in growing Echo-Lab's customer base;
prolonged political unrest in Sudan that can adversely affect
patient and test volumes, while further currency devaluation risks
will limit the compensatory effect of price increases.
Statement of Directors' Responsibilities
Responsibility statement of the directors in respect of the
half-yearly financial report
We confirm that to the best of our knowledge, the interim
management report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, being an indication of important events that have occurred
during the first six months of the financial year and their impact
on the condensed set of financial statements; and a description of
the principal risks and uncertainties for the remaining six months
of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency
Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have
materially affected the financial position or performance of the
entity during that period; and any changes in the related party
transactions described in the last annual report that could do
so.
For and on behalf of the Board of Directors:
Dr. Hend El Sherbini
Executive Director
1 September 2021
- Ends --
INTEGRATED DIAGNOSTICS HOLDINGS plc - "IDH"
AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED
30 JUNE 2021
Index to the condensed consolidated interim financial statements Pages
----------------------------------------------------------------------------- ------
Condensed consolidated interim statement of financial position 20
Condensed consolidated interim statement of profit or loss 21
Condensed consolidated interim statement of comprehensive income 22
Condensed consolidated interim statement of changes in equity 23
Condensed consolidated interim statement of cash flows 24
Report on review of the condensed consolidated interim financial statements 25
Notes to the condensed consolidated interim financial statements 26-43
Condensed Consolidated Interim Statement of Financial Position
as of 30 June 2021
(All amounts in Egyptian Pounds "EGP'000") 30 June 31 December
Notes 2021 2020
-------------------------------------------- -------- -------------- --------------
EGP'000 EGP'000
(Reviewed) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 4 848,419 787,590
Intangible assets and goodwill 5 1,654,098 1,659,755
Right of use assets 6 415,717 354,688
Financial investments 7 10,282 9,604
Total non-current assets 2,928,516 2,811,637
-------------- --------------
Current assets
Inventories 141,559 100,115
Trade and other receivables 8 477,432 388,903
Investments at amortized cost 9 329,056 276,625
Cash and cash equivalents 10 1,257,983 600,130
Total current assets 2,206,030 1,365,773
-------------- --------------
Total assets 5,134,546 4,177,410
============== ==============
LIABILITIES AND EQUITY
Equity
Share Capital 1,072,500 1,072,500
Share premium reserve 1,027,706 1,027,706
Capital reserve (314,310) (314,310)
Legal reserve 51,641 49,218
Put option reserve (618,047) (314,057)
Translation reserve 155,760 145,617
Retained earnings 777,068 603,317
Equity attributable to the equity holders
of the parent 2,152,318 2,269,991
Non-controlling interest 152,110 156,383
Total equity 2,304,428 2,426,374
-------------- --------------
Non-current liabilities
Deferred tax liabilities 19-C 324,800 240,333
Provisions 3,479 3,408
Loans and borrowings 13 56,996 67,617
Long-term financial obligations 15 512,235 398,525
Long-term financial liability at fair
value 14 32,168 31,790
Total non-current liabilities 929,678 741,673
-------------- --------------
Current liabilities
Trade and other payables 11 473,515 383,623
Shareholders dividend 454,472 -
Short-term financial obligations 15 84,554 60,517
Short-term financial liability at fair
value 12 585,880 282,267
Loans and borrowings 13 25,946 25,416
Current tax liabilities 276,073 257,540
Total current liabilities 1,900,440 1,009,363
-------------- --------------
Total liabilities 2,830,118 1,751,036
-------------- --------------
Total equity and liabilities 5,134,546 4,177,410
============== ==============
These condensed consolidated interim financial statements were approved
and authorised for issue by the Board of Directors and signed on their
behalf on 1 September 2021 by:
____________________ ________________________________
Dr. Hend El Sherbini Hussein Choucri
Chief Executive Officer Board member of the audit committee
The accompanying notes on pages 26-43 form an integral part of these
condensed consolidated interim financial statements.
Condensed Consolidated Interim Statement of Profit or Loss for
the Three and Six Months Period Ended 30 June 2021
(All amounts in Egyptian
Pounds "EGP'000")
For the three months For the six months period
period ended 30 June ended 30 June
Notes 2021 2020 2021 2020
------
EGP'000 EGP'000 EGP'000 EGP'000
----------------- ------ --------------- ------------------------- --------------- -------------------------
(Reviewed) (Unaudited)/(Unreviewed) (Reviewed) (Unaudited)/(Unreviewed)
Revenue 23 1,163,632 449,931 2,293,170 949,687
Cost of sales (496,742) (246,969) (987,873) (503,490)
Gross profit 666,890 202,962 1,305,297 446,197
Marketing
and advertising
expenses (37,848) (20,677) (66,655) (45,675)
General and
administrative
expenses 17 (105,212) (53,654) (176,132) (103,263)
Impairment
loss on trade
and other
receivable (5,181) (28,281) (10,265) (28,281)
Other income 8,346 17,527 12,431 7,890
Operating
profit 526,995 117,877 1,064,676 276,868
--------------- ------------------------- --------------- -------------------------
Finance income 18 24,975 15,421 45,248 33,765
Finance cost 18 (39,212) (17,167) (74,900) (40,972)
Net finance
cost (14,237) (1,746) (29,652) (7,207)
--------------- ------------------------- --------------- -------------------------
Profit before
tax 512,758 116,131 1,035,024 269,661
=============== ========================= =============== =========================
Income tax
expense 19-B (186,142) (44,003) (366,814) (95,036)
Profit for
the period 326,616 72,128 668,210 174,625
=============== ========================= =============== =========================
Profit
attributed
to:
Equity holders
of the parent 320,410 74,856 646,440 178,768
Non-controlling
interests 6,206 (2,728) 21,770 (4,143)
326,616 72,128 668,210 174,625
=============== ========================= =============== =========================
Earnings per share (expressed
in EGP):
Basic and
diluted
earnings
per share 21
0.53 0.12 1.08 0.30
=============== ========================= =============== =========================
The accompanying notes on pages 26-43 form an integral part of
these condensed consolidated interim financial statements.
Condensed Consolidated Interim Statement of Comprehensive Income
for the Three and Six Month Period Ended 30 June 2021
(All amounts in Egyptian Pounds
"EGP'000")
For the three months For the six months
period ended 30 June period ended 30 June
2021 2020 2021 2020
EGP'000 EGP'000 EGP'000 EGP'000
------------------------ ----------------- ------------------------- ------------- -------------------------
(Reviewed) (Unaudited)/(Unreviewed) (Reviewed) (Unaudited)/(Unreviewed)
Net profit 326,616 72,128 668,210 174,625
Items that may be
reclassified
to profit or loss:
Currency translation
differences (2,062) (6,074) 12,375 (21,790)
Other comprehensive
income
for the period net of
tax (2,062) (6,074) 12,375 (21,790)
----------------- ------------------------- ------------- -------------------------
Total comprehensive
income
for the period 324,554 66,054 680,585 152,835
================= ========================= ============= =========================
Attributed to:
Equity holders of the
parent 320,692 67,080 656,583 165,941
Non-controlling
interests 3,862 (1,026) 24,002 (13,106)
324,554 66,054 680,585 152,835
================= ========================= ============= =========================
The accompanying notes on pages 26-43 form an integral part of these
condensed consolidated interim financial statements.
Condensed Consolidated Interim Statement of Change in Equity for
the Six Month Period Ended 30 June 2021
Attributable to owners of the Parent
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Share Total attributable
(All amounts in Egyptian Share premium Capital Legal Put option Translation Retained to the owners Non-controlling Total
Pounds "EGP'000") capital reserve reserve reserve* reserve reserve earnings of the Parent interests equity
------------------------- --------- --------- ------------------- ---------------- -------------------- ------------------- -------------------- --------------------- ------------------ ----------------------
At 1 January 2021 1,072,500 1,027,706 (314,310) 49,218 (314,057) 145,617 603,317 2,269,991 156,383 2,426,374
--------- --------- ------------------- ---------------- -------------------- ------------------- -------------------- --------------------- ------------------ ----------------------
Profit for the period - - - - - - 646,440 646,440 21,770 668,210
Other comprehensive
income for the period - - - - - 10,143 - 10,143 2,232 12,375
Total comprehensive
income - - - - - 10,143 646,440 656,583 24,002 680,585
--------- --------- ------------------- ---------------- -------------------- ------------------- -------------------- --------------------- ------------------ ----------------------
Transactions with owners
of the Company
Contributions and
distributions
Dividends - - - - - - (454,472) (454,472) (21,998) (476,470)
Legal reserve formed
during the period - - - 2,423 - - (2,423) - - -
Movement in put option
liability - - - - (303,990) - - (303,990) - (303,990)
Restatement for impact
of hyperinflation - - - - - - (15,794) (15,794) (6,277) (22,071)
Total contributions
and distributions - - - 2,423 (303,990) - (472,689) (774,256) (28,275) (802,531)
--------- --------- ------------------- ---------------- -------------------- ------------------- -------------------- --------------------- ------------------ ----------------------
Balance at 30 June 2021
(Reviewed) 1,072,500 1,027,706 (314,310) 51,641 (618,047) 155,760 777,068 2,152,318 152,110 2,304,428
========= ========= =================== ================ ==================== =================== ==================== ===================== ================== ======================
At 1 January 2020 1,072,500 1,027,706 (314,310) 46,330 (229,163) 155,823 456,661 2,215,547 144,710 2,360,257
--------- --------- ------------------- ---------------- -------------------- ------------------- -------------------- --------------------- ------------------ ----------------------
Profit for the period - - - - - - 178,768 178,768 (4,143) 174,625
Other comprehensive
loss for the period - - - - - (12,827) - (12,827) (8,963) (21,790)
Total comprehensive
income - - - - - (12,827) 178,768 165,941 (13,106) 152,835
--------- --------- ------------------- ---------------- -------------------- ------------------- -------------------- --------------------- ------------------ ----------------------
Transactions with owners
of the Company
Contributions and
distributions
Legal reserve formed
during the period - - - 575 - - (575) - - -
Movement in put option
liability - - - - 19,348 - - 19,348 - 19,348
Restatement for impact
of hyperinflation - - - - - - (2,064) (2,064) 790 (1,274)
Non-controlling interest
cash injection in
subsidiaries during
the period - - - - - - - - 17,372 17,372
Total contributions
and distributions - - - 575 19,348 - (2,639) 17,284 18,162 35,446
--------- --------- ------------------- ---------------- -------------------- ------------------- -------------------- --------------------- ------------------ ----------------------
Balance at 30 June 2020
(Unaudited)/(Unreviewed) 1,072,500 1,027,706 (314,310) 46,905 (209,815) 142,996 632,790 2,398,772 149,766 2,548,538
========= ========= =================== ================ ==================== =================== ==================== ===================== ================== ======================
*Under Egyptian Law, each subsidiary in Egypt must set aside at
least 5% of its annual net profit into a legal reserve until such
time that this represents 50% of each subsidiary's issued capital.
This reserve is not distributable to the owners of the Company.
The accompanying notes on pages 26-43 form an integral part of
these condensed consolidate interim financial statements.
Condensed Consolidated Interim Statement of Cash Flow For the
Six Month Period Ended 30 June 2021
(All amounts in Egyptian Pounds 30 June
"EGP'000") Note 2021 30 June 2020
EGP'000 EGP'000
(Reviewed) (Unaudited)/(Unreviewed)
Cash flows from operating activities
Profit for the period before tax 1,035,024 269,661
Adjustments - -
Depreciation, property, plant
and equipment and right of use 105,745 87,814
Amortization 3,049 2,672
Gain on disposal of Property,
plant and equipment (45) (65)
Impairment in trade receivables 10,265 28,281
Interest expense 18 49,011 36,685
Interest income 18 (45,248) (33,765)
Equity settled shares financial
investments (678) (3,464)
ROU Asset/Lease Termination (464) -
Loss in hyperinflationary net
monetary position 18 1,204 (192)
Unrealised foreign currency exchange
loss 18 19,321 4,479
Net cash from operating activities
before changes in working capital 1,177,184 392,106
Change in Provisions 72 (851)
Change in inventory (41,444) (35,273)
Change in trade and other receivables (103,537) 34,429
Change in trade and other payables 74,710 (77,723)
Cash generated from operating
activities before income tax payment 1,106,985 312,688
------------------------- ---------------------------
Income tax paid during period (240,624) (163,571)
Net cash from operating activities 866,361 149,117
------------------------- ---------------------------
Cash flows from investing activities
Interest received 44,866 33,606
Decrease in restricted cash - 247
Payments for the purchase of short
term investments (309,835) (251,956)
Proceeds for the sale of short
term investments 257,404 221,617
Acquisition of Property, plant
and equipment 4 (86,530) (58,600)
Acquisition of intangible assets 5 (1,104) (1,770)
Proceeds from sale of Property,
plant and equipment 3,036 193
Net cash flows used in investing
activities (92,163) (56,663)
------------------------- ---------------------------
Cash flows from financing activities
Proceeds from borrowings 2,617 -
Repayments of borrowings (12,708) (5,612)
Interest paid (48,640) (35,743)
Dividends paid (21,998) -
Payment of finance lease liabilities (32,401) (43,869)
Injection of cash by non controlling
interest - 17,372
Net cash flows used in financing
activities (113,130) (67,852)
------------------------- ---------------------------
Net increase in cash and cash
equivalent 661,068 24,602
Cash and cash equivalent at the
beginning of the period 600,130 408,892
Effect of exchange rate fluctuations
on cash held (3,215) 33,935
Cash and cash equivalent at the
end of the period 10 1,257,983 467,429
========================= ===========================
The accompanying notes on pages 26-43 form an integral part of
these condensed consolidated interim financial statements.
Review report on the condensed consolidated interim financial
statements
To: The board of directors of Integrated Diagnostics Holdings
PLC "IDH"
Introduction
We have reviewed the accompanying condensed consolidated interim
statement of financial position of Integrated Diagnostics Holdings
plc "IDH" (the "Company") and its subsidiaries (together the
"Group") as at 30 June 2021, and the related condensed consolidated
statements of profit or loss and comprehensive income for the
three-month and six-month periods then ended, and condensed
consolidated statements of changes in equity and cash flows for the
six-month period then ended, and explanatory notes. Management is
responsible for the preparation and presentation of these condensed
consolidated interim financial statements in accordance with
International Accounting Standard 34, 'Interim financial reporting'
("IAS 34") as issued by the International Accounting Standards
Board (IASB). Our responsibility is to express a conclusion on this
condensed consolidated interim financial information based on our
review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements 2410, 'Review of interim financial
information performed by the independent auditor of the entity'. A
review of interim financial information consists of making
inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
and consequently does not enable us to obtain assurance that we
would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the accompanying condensed consolidated
interim financial information are not prepared, in all material
respects, in accordance with IAS 34 "Interim Financial
Reporting".
Other matter
As Integrated Diagnostics Holdings plc "IDH" was listed in the
Egyptian stock exchange for the first time on May 5,2021, the
Company did not prepare and publish the condensed consolidated
interim financial statements for the three month period ended 31
March 2021. The comparative information for the condensed
consolidated interim statement of financial position is based on
the audited consolidated financial statements as at 31 December
2020. The comparative information for the condensed consolidated
interim statements of profit or loss, comprehensive income for the
three-month s and six-month s periods then ended 30 June 2020 , and
condensed consolidated statements of changes in equity and cash
flows for the six-month period then ended 30 June 2020 , and
related explanatory notes, have not been audited or reviewed.
Ashraf Mamdouh
R.A.A. 26231
F.R.A. 383
1 September 2021
Cairo
(In the notes all amounts are shown in Egyptian Pounds "EGP'000"
unless otherwise stated)
1. Reporting entity
Integrated Diagnostics Holdings plc "IDH" or "the Company" is a
Company which was incorporated in Jersey on 4 December 2014 and
established according to the provisions of the Companies (Jersey)
Law 1991 under Registered No. 117257. These condensed consolidated
interim financial statements as at and for the six months ended 30
June 2021 comprise the Company and its subsidiaries (together
referred as the 'Group'). The Company is a dually listed entity, in
both London stock exchange (since 2015) and in the Egyptian stock
exchange (during May 2021).
The principal activities of the Company and its subsidiaries
(together "The Group") include investments in all types of the
healthcare field of medical diagnostics (the key activities are
pathology and Radiology related tests), either through acquisitions
of related business in different jurisdictions or through expanding
the acquired investments they have. The key jurisdictions that the
Group operates are in Egypt, Jordan, Nigeria and Sudan.
The Group's financial year starts on 1 January and ends on 31
December of each year.
These condensed consolidated interim financial statements were
approved for issue by the Directors of the Company on 01 September
2021.
2. Basis of preparation
A) Statement of compliance
These condensed consolidated interim financial statements have
been prepared as per IAS 34 'Interim Financial Reporting' (As
adopted by the IASB). The group's assessment for the differences
with IAS 34 'Interim Financial Reporting' (As adopted by the EU)
concluded that there are no material differences on the
consolidated financial position and consolidated financial
performance of the Group for the period then ended the accounting
policies adopted are consistent with those of the previous
financial year ended 31 December 2020 and corresponding interim
reporting period.
These condensed consolidated interim financial statements do not
include all the information and disclosures in the annual
consolidated financial statements, and should be read in
conjunction with the financial statements published as at and for
the year ended 31 December 2020 which is available at
www.idhcorp.com , In addition, results of the six month period
ended 30 June 2021 are not necessary indicative for the results
that may be expected for the financial year ending 31 December
2021.
B) Basis of measurement
The condensed consolidated interim financial statements have
been prepared on the historical cost basis except where adopted
IFRS mandates that fair value accounting is required which is
related to the financial liabilities measured at fair value.
C) Functional and presentation currency
These condensed consolidated interim financial statements and
financial information are presented in Egyptian Pounds (EGP'000).
The functional currency of the majority of the Group's entities is
the Egyptian Pound (EGP) and is the currency of the primary
economic environment in which the Group operates.
The Group also operates in Jordan, Sudan and Nigeria and the
functional currencies of those foreign operations are the local
currencies of those respective territories, however due to the size
of these operations there is no significant impact on the
functional currency of the Group, which is the Egyptian Pound
(EGP).
D) Use of estimates and judgements
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income, and expense. Actual
results may differ from these estimates.
The significant judgments made by management in applying the
Group's accounting policies and key sources of estimation
uncertainty were the same as those described in the last
consolidated financial statements published as at and for the year
ended 31 December 2020.
3. Significant accounting policies
In preparing these condensed consolidated interim financial
statements, the significant judgments made by the management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that were applied to
the consolidated financial statements for the year ended 31
December 2020 "The preparation of these condensed consolidated
interim financial statements requires management to make
judgements, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from
these estimates. Information about significant areas of estimation
uncertainty and critical judgement in applying accounting policies
that have the most significant effect on the amount recognised in
the condensed consolidated interim financial statement is described
in note 2.2 of the annual consolidated financial statements
published for the year ended 31 December 2020. In preparing these
condensed consolidated interim financial statements, the
significant judgments made by the management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those that were applied to the
consolidated financial statements for the year ended 31 December
2020".
4. Property, plant and equipment
Medical, Building &
electric Leasehold
& information Fixtures, Assets in the
system Leasehold fittings course of
Land & Buildings equipment* improvements &vehicles construction Total
----------------- ----------------- ---------------- -------------- ---------------- ---------------- ----------
Cost
At 1 January
2021 332,345 565,697 254,474 73,261 21,207 1,246,984
Additions - 112,970 24,395 9,297 2,654 149,316
Hyperinflation
effect - (13,330) - - - (13,330)
Disposals - (1,417) (749) (591) - (2,757)
Transfers - - 2,594 - (2,594) -
Translation
differences (351) (9,891) (2,379) (1,682) (1,084) (15,387)
----------------- ---------------- -------------- ---------------- ---------------- ----------
At 30 June 2021
(Reviewed) 331,994 654,029 278,335 80,285 20,183 1,364,826
----------------- ---------------- -------------- ---------------- ---------------- ----------
Depreciation
At 1 January
2021 47,724 245,929 138,511 27,230 - 459,394
Charge for the
period 2,688 43,211 17,348 3,249 - 66,496
On disposals - (1,282) (612) (466) - (2,360)
Translation
differences (33) (4,950) (910) (1,230) - (7,123)
----------------- ---------------- -------------- ---------------- ---------------- ----------
At 30 June 2021
(Reviewed) 50,379 282,908 154,337 28,783 - 516,407
----------------- ---------------- -------------- ---------------- ---------------- ----------
Net book value 281,615 371,121 123,998 51,502 20,183 848,419
================= ================ ============== ================ ================ ==========
At 31 December
2020 (Audited) 284,621 319,768 115,963 46,031 21,207 787,590
================= ================ ============== ================ ================ ==========
Property, plant and equipment (continued)
* Laboratory equipment
The group entered into purchase agreement with an external party
to supply medical equipment. These equipment are supplied to
service the Group's new state-of-the-art Mega Lab. The agreement
provides for annual base payments, The Group entered into new
agreements for the period ended 30 June 2021 to replace the current
equipment in use.
5. Intangible assets and goodwill
Intangible assets represent goodwill acquired through business
combinations and brand names.
Goodwill Brand Name Software Total
--------------------------------------- ---------- ----------- --------- ----------
EGP'000 EGP'000 EGP'000 EGP'000
Cost
Balance at 1 January 2021 1,261,808 383,922 67,157 1,712,887
Additions - - 1,104 1,104
Effect of movements in exchange rates (3,274) (388) (57) (3,719)
---------- ----------- --------- ----------
Balance at 30 June 2021 (Reviewed) 1,258,534 383,534 68,204 1,710,272
---------- ----------- --------- ----------
Amortisation and impairment
Balance at 1 January 2021 1,849 - 51,283 53,132
Amortisation - - 3,049 3,049
Effect of movements in exchange rates - - (7) (7)
---------- ----------- --------- ----------
Balance at 30 June 2021 (Reviewed) 1,849 - 54,325 56,174
---------- ----------- --------- ----------
Carrying amount
Balance at 31 December 2020 (Audited) 1,259,959 383,922 15,874 1,659,755
========== =========== ========= ==========
Balance at 30 June 2021 (Reviewed) 1,256,685 383,534 13,879 1,654,098
========== =========== ========= ==========
Goodwill impairment reviews are undertaken annually or more
frequently if events or changes in circumstances indicate a
potential impairment. No indicators of impairment have been
identified during the six months ended 30 June 2021.
6. Right of use assets
30 June 2021 31 December 2020
EGP'000 EGP'000
------------------------------------------- ------------- -----------------
(Reviewed) (Audited)
Balance at 1 January 354,688 264,763
Addition for the period / year 105,914 152,030
Depreciation charge for the period / year (39,249) (60,803)
Terminated contracts (1,952) (1,302)
Translation (3,684) -
Balance at 31 December 415,717 354,688
============= =================
7. Financial investments
30 June 31 December 2020
2021
----------------------- ----------- -----------------
EGP'000 EGP'000
(Reviewed) (Audited)
Equity i nvestments * 10,282 9,604
-----------
10,282 9,604
=========== =================
* On August 17, 2017, Almakhbariyoun AL Arab (seller) has signed
IT purchase Agreement with JSC Mega Lab (Buyer) to transfer and
installation of the Laboratory Information Management System (LIMS)
for a purchase price amounted to USD 400 000, which will be in the
form of 10% equity stake in JSC Mega Lab. In case the valuation of
the project is less or more than USD 4,000,000, the seller stake
will be adjusted accordingly, in a way that the seller equity stake
shall not fall below 5% of JSC Mega Lab.
- Ownership percentage in JSC Mega Labat the transaction date on
April 8, 2019, and as of December 31, 2020, was 8.25%
- On April 8,2019 Almakhbariyoun AL Arab (Biolab) has signed a
shareholders Agreement with JSC Mega Lab (the company) and JSC
Georgia healthcare group (GHG), whereas Biolab shall have a put
option, exercisable within 12 months immediately after the
expiration of (5) year period from the signing date, which allows
Biolab's all shares at a price of equity value of biolab's stake
(have value of USD 400,000) plus higher of 20 % annual IRR or 6X
EV/EBITDA (of the financial year immediately preceding the call
option exercise date. In case the Management Agreement or the
purchase Agreement and /or the SLA is terminated /cancelled within
6 months period from the date of such termination /cancellation,
GHG shall have a call option , which allows the GHG to purchase
Biolab's all Share at a price of the equity value of Biolab's stake
in the company (have value of USD 400,000)plus 20% annual IRR, if
JCI accreditation is not obtained, immediately after the expiration
of the addition 12 months period the GHG shall have a call option (
the Accelerated Call Option ) exercisable within 6 months period
the GHG to purchase Biolab's all shares at price of the equity
value of biolab's stake in the company ( having value of USD
400,000) plus 20% annual IRR.
8. Trade and other receivables
30 June 2021 31 December 2020
-------------------------- --------------- -----------------
EGP'000 EGP'000
(Reviewed) (Audited)
Trade receivables - net 342,505 325,770
Prepayments 29,202 19,363
Due from related parties 3,083 2,910
Other receivables* 101,255 39,854
Accrued revenue 1,387 1,006
477,432 388,903
=============== =================
* Other receivables during the period ended 30 June 2021,
including EGP 26m related to advance to suppliers for purchasing
fixed assets and leasehold improvement the new and existing
pathology branches.
Capital commitment
The Group has capital commitments (off balance sheet) as of 30
June 2021 of EGP56M.
9. Investments at amortised cost
30 June 2021 31 December 2020
--------------------- ------------- -----------------
EGP'000 EGP'000
(Reviewed) (Audited)
Fixed-term deposits 27,970 -
Treasury bills 301,086 276,625
329,056 276,625
============= =================
The maturity date of the treasury bills and Fixed-term deposits
is between 3-12 months and have settled average interest rates of
12.53% and 7.85% respectively. Treasury bills are classified as
held to collect.
10. Cash and cash equivalents
30 June 2021 31 December 2020
----------------------------------------- ------------- -----------------
EGP'000 EGP'000
(Reviewed) (Audited)
Short-term deposits (less than 90 days) 30,220 162,380
Treasury bills (less than 90 days) - 184,525
Cash at banks and on hand 1,227,763 253,225
1,257,983 600,130
============= =================
11. Trade and other payables
30 June 2021 31 December 2020
------------- -----------------
EGP'000 EGP'000
(Reviewed) (Audited)
Trade payable 221,994 177,602
Accrued expenses 190,919 151,201
Due to related parties 2,715 439
Other payables 54,800 50,959
Accrued finance cost 3,087 3,422
473,515 383,623
============= =================
12. Short-term financial liability at fair value
30 June 2021 31 December 2020
---------------------- ------------- -----------------
EGP'000 EGP'000
(Reviewed) (Audited)
Put option liability 585,880 282,267
585,880 282,267
============= =================
The accounting policy for put options after initial recognition
is to recognise all changes in the carrying value of the put
liability within equity as all these transactions are with the
non-controlling interests of the Group.
During the historic acquisitions of Makhbariyoun Al Arab
(Biolabs) which took place at 31 December 2011, the Group entered
into separate put option arrangements to purchase the remaining
equity interests from the vendors at a subsequent date. At
acquisition, a put option liability has been recognised for the net
present value for the exercise price of the option. The options are
exercisable in whole from the fifth anniversary of the completion
of the original purchase agreement, which fell due in June 2016.
The vendor has not exercised this right at 30 June 2021.
13. Loan and borrowings
A) In April 2017 AL-Mokhtabar for medical lab, one of IDH
subsidiaries, was granted a medium-term loan amounting to EGP 110m
from Commercial international bank "CIB Egypt" to finance the
purchase of the new administrative building for the group. As at 30
June 2021, loan amount EGP 110m had been drawn down in full. The
loan contains the following financial covenants which if breached
will mean the loan is repayable on demand:
1. The financial leverage shall not exceed the following percentages
Year 2017 2018 2019 2020 2021 2022
------ ----- ----- ----- ----- ----- -----
% 2.33 1.71 2.31 1.95 1.64 1.47
" Financial leverage ": total liabilities divided by net
equity
2. The debt service ratios (DSR) shall not be less than 1.
" Debt service ratios ": cash operating profit after tax plus
Depreciation for the financial year less annual maintenance on
machinery and equipment divided by total distributions plus accrued
interest and loan instalments.
3. The current ratios shall not be less than 1.
" Current ratios ": Current assets divided current
liabilities.
4. The capital expansions in AL Mokhtabar company shall not
exceed EGP 50m per year, other than year 2017 which includes in
addition the value of the building financed by EGP 110m loan
facility . This condition is valid throughout the term of the
loan.
The agreement includes other non-financial covenants which
relate to the impact of material events on the Company and the
consequential ability to repay the loan.
B) In July 2018, AL-Borg lab, one of IDH subsidiaries, was
granted a medium term loan amounting to EGP 130.5m from Ahli united
bank "AUB Egypt" to finance the investment cost related to the
expansion into the radiology segment. As at 30 June 2021 only EGP
57m had been drawn down from the total facility available. The loan
contains the following financial covenants which if breached will
mean the loan is repayable on demand:
1. The financial leverage shall not exceed 0.7 throughout the period of the loan
" Financial leverage ": total bank debt divided by net
equity
2. The debt service ratios (DSR) shall not be less than 1.35 starting 2019
"Debt service ratio": cash operating profit after tax plus
depreciation for the financial year less annual maintenance on
machinery and equipment adding cash balance divided by total
financial payments.
"Cash operating profit": Operating profit after tax, interest
expense, depreciation and amortisation, is calculated as follows:
Net income after tax and unusual items adding Interest expense,
Depreciation, Amortisation and provisions excluding tax related
provisions less interest income and Investment income and gains
from extraordinary items.
"Financial payments": current portion of long-term debt
including finance lease payments, interest expense and fees and
dividends distributions.
Loan and borrowings (continued)
3. The current ratios shall not be less than 1.
"Current ratios": Current assets divided current
liabilities.
The terms and conditions of outstanding loans are as
follows:
Currency Nominal interest rate Maturity 30 June 2021 31 December 2020
------------------ ----------- ---------------------- ------------- ------------- -------------------
EGP'000 EGP'000
CIB - Bank EGP Secured rate 9.5% 5 April 2022 25,946 38,654
CBE corridor
AUB - Bank EGP rate+1% 26 April 2026 56,996 54,379
82,942 93,033
Amount held as:
Current liability 25,946 25,416
Non- current liability 56,996 67,617
82,942 93,033
============= ==================
* As at 30-June-21 corridor rate 9.25% (2020: 9.25%)
The companies (Mokhtabar and Borg) didn't breach any covenants
for both MTL agreements.
C) On 25 May 2021, IDH has secured an 8 years USD 45 million
debt financing package from the International Finance Corporation
(IFC). The eight-year loan will be used to finance IDH's growth
plans across new and existing markets and help expand access to
high-quality diagnostic services in high growth emerging markets,
in addition to its current presence in Egypt, Jordan, Nigeria and
Sudan. The loan has an availability period of two years. As of June
30, 2021, the USD 45 million debt has not been withdrawn by IDH
.
14. Long-term financial liability at fair value
30 June 2021 31 December 2020
----------------------- ------------- -----------------
EGP'000 EGP'000
(Reviewed) (Audited)
Put option liability* 32,168 31,790
32,168 31,790
============= =================
*According to definitive agreements signed on 15 January 2018
between Dynasty Group Holdings Limited and International Finance
Corporation (IFC) related to the Eagle Eye-Echo scan transaction,
IFC has the option to put it is shares to Dynasty in year 2024. The
put option price will be calculated on the basis of the fair market
value determined by an independent valuer.
There are multiple ways to calculate the put option including
Discounted Cash Flow, Multiples, Net assets. Multiple valuation was
applied and EGP 32.1 million was calculated as the valuation as at
30 June 2021 EGP 32m (2020; EGP 31.7m).
15. Financial obligations
30 June 2021 31 December 2020
--------------------------------------------- ------------- -----------------
EGP'000 EGP'000
(Reviewed) (Audited)
Lease liabilities building 467,954 389,920
Financial obligations- laboratory equipment 128,835 69,122
596,789 459,042
============= =================
The financial obligations for the laboratory equipment and
building are payable as follows:
30 June 2021
Minimum
payments Interest Principal
---------------------------- ----------- ----------- -----------
EGP'000 EGP'000 EGP'000
(Reviewed) (Reviewed) (Reviewed)
Less than one year 150,979 66,425 84,554
Between one and five years 551,972 218,691 333,281
More than five years 215,944 36,990 178,954
918,895 322,106 596,789
=========== =========== ===========
Financial obligations (continued)
31 December 2020
Minimum payments Interest Principal
---------------------------- ----------------- ---------- ----------
EGP'000 EGP'000 EGP'000
(Audited) (Audited) (Audited)
Less than one year 126,998 66,481 60,517
Between one and five years 463,646 176,312 287,334
More than 5 years 131,605 20,414 111,191
722,249 263,207 459,042
================= ========== ==========
Amounts recognised in profit or loss:
For the three months For the six months
ended 30 June ended 30 June
2021 2020 2021 2020
------------------------- ------------------------ ------------ ------------------------ ----------- ------------
EGP'000 EGP'000 EGP'000 EGP'000
(Reviewed) (Unaudited) (Reviewed) (Unaudited)
Interest on lease
liabilities 14,597 14,131 28,872 26,388
Expenses related to
short-term lease 3,420 3,148 8,639 4,294
16. Related party transactions
The significant transactions with related parties, their nature
volumes and balance during the period 30 June 2021 are as
follows:
30 June 2021
Transaction
Nature of Nature of amount of the
Related Party transaction relationship period Balance
------------------- ------------------- ----------------- --- ---------------- ------------
EGP'000 EGP'000
Expenses paid on
Life Scan (S.A.E.)* behalf Affiliate - 350
International Expenses paid on
Fertility (IVF)** behalf Affiliate - 1,767
Entity owned by
Company's board
H.C Security Provide service member 132 (231)
Life Health Care Medical Test Entity owned by 371 -
analysis Company's CEO
Provide service "Medical insurance" (8,136) (2,484)
Bio. Lab C.E.O
Dr. Amid Abd Elnour Put option liability and shareholder (303,612) (585,879)
Related party transactions (continued)
Integrated Rental income Entity owned by (17) -
Treatment for Company's CEO
Kidney Diseases
(S.A.E.)
Medical Test analysis 155 966
Total (585,511)
============
31 December 2020
Transaction
amount of the
Related Party Nature of transaction Nature of relationship year Balance
---------------- ---------------------- -------------------------- ------------------ ----------
EGP'000 EGP'000
Expenses paid on
Life Scan (S.A.E) * behalf Affiliate 6 350
International Expenses paid on
Fertility (IVF)** behalf Affiliate (3,449) 1,767
Entity owned by Company's
H.C Security Provide service board member (412) (76)
Entity owned by Company's
Life Health Care Provide service CEO (11,058) (363)
Bio. Lab C.E.O and
Dr. Amid Abd Elnour Put option liability shareholder (83,126) (282,267)
Integrated Rental income Entity owned by Company's 344 -
Treatment for CEO
Kidney Diseases
(S.A.E)
Medical Test analysis 377 793
(279,796)
==========
* Life Scan is a company whose shareholders include Dr. Moamena
Kamel (founder of IDH subsidiary Al-Mokhtabar Labs).
** International Fertility (IVF) is a company whose shareholders
include Dr. Moamena Kamel (founder of IDH subsidiary Al-Mokhtabar
Labs).
Compensation of key management personnel of the Group
The amounts disclosed in the table are the amounts recognised as
an expense during the reporting period related to key management
personnel.
30-Jun 30-Jun
2021 2020
----------------------- ----------------------
EGP'000 EGP'000
(Reviewed) (Unaudited)
(Unreviewed)
Short-term employee benefits 35,617 29,196
----------------------- ----------------------
Total compensation paid to key management personnel 35,617 29,196
======================= ======================
17. General and administrative expenses
For the three months ended 30 June For the six months ended 30 June
2021 2020 2021 2020
-------------------- ----------------- ------------------ ---------------- -----------------
EGP'000 EGP'000 EGP'000 EGP'000
(Reviewed) (Unaudited) (Reviewed) (Unaudited)
(Unreviewed) (Unreviewed)
Wages and Salaries 34,623 25,272 61,636 49,383
Depreciation 5,659 5,271 11,187 10,414
Other expenses* 64,930 23,111 103,309 43,466
----------------- ------------------ ---------------- -----------------
Total 105,212 53,654 176,132 103,263
================= ================== ================ =================
* Other expenses included EGP 29m related to dual listing expenses in Egyptian Exchange.
18. Net finance income
For the three months ended 30 June For the six months ended 30 June
2021 2020 2021 2020
---------------------------------------- ----------------- ------------------ ---------------- -----------------
EGP'000 EGP'000 EGP'000 EGP'000
(Reviewed) (Unaudited) (Reviewed) (Unaudited)
(Unreviewed) (Unreviewed)
Finance income
Interest income 24,975 15,421 45,248 33,765
----------------- ------------------ ---------------- -----------------
Total finance income 24,975 15,421 45,248 33,765
Finance cost
(Loss) / gain on hyperinflationary net
monetary position (1,204) 192 (1,204) 192
Bank charges (2,848) (414) (5,364) (1,228)
Interest expense (30,574) (18,193) (49,011) (35,457)
Net foreign exchange (loss) / gain (4,586) 1,248 (19,321) (4,479)
----------------- ------------------ ---------------- -----------------
Total finance cost (39,212) (17,167) (74,900) (40,972)
Net finance cost (14,237) (1,746) (29,652) (7,207)
================= ================== ================ =================
19. Tax
A) Tax expense
Tax expense is recognised based on management's best estimate of
the weighted-average annual income tax rate expected for the full
financial year multiplied by the pre-tax income of the interim
reporting period.
Tax (Continued)
B) Income tax
Amounts recognised in profit or loss as follow:
For the three For the six months
months ended 30 ended 30 June
June
2021 2020 2021 2020
--------------- ------------------ ------------------- ---------------- ---------------------- -------------------
EGP'000 EGP'000 EGP'000 EGP'000
(Reviewed) (Unaudited) (Reviewed) (Unaudited)
(Unreviewed) (Unreviewed)
Current tax:
Current year (143,535) (40,637) (282,345) (86,209)
Deferred tax:
Deferred tax
arising on
undistributed
reserves in
subsidiaries (43,068) (4,058) (83,780) (10,390)
Relating to
origination
and reversal
of temporary
differences 461 692 (689) 1,563
------------------ ------------------- ---------------------- -------------------
Total Deferred
tax expense) (42,607) (3,366) - (84,469) (8,827)
Tax expense
recognised in
profit
or loss (186,142) (44,003) (366,814) (95,036)
================== =================== ====================== ===================
C) Deferred tax liabilities
Deferred tax relates to the following:
30-Jun-21 31-Dec-20
------------------------------------------------ ---------------- --------------
Liabilities Liabilities
EGP'000 EGP'000
(Reviewed) (Audited)
Property, plant and equipment (18,697) (18,334)
Intangible assets (105,840) (106,702)
Undistributed reserves from group subsidiaries (200,336) (116,657)
Provisions and finance lease liabilities 73 1,360
----------------
Net deferred tax assets (liabilities) (324,800) (240,333)
================ ==============
20. Financial Instruments
The Group has reviewed the financial assets and liabilities held
at 30 June 2021. It has been deemed that the carrying amounts for
all financial instruments are a reasonable approximation of fair
value. All financial instruments are deemed Level 3.
Contingent liabilities
As required by article 134 of the labour law on Vocational
Guidance and Training issued by the Egyptian Government in 2003, Al
Borg Laboratory Company and Al Mokhtabar Company for Medical Labs
are required to conform to the requirements set out by that law to
provide 1% of net profits each year into a training fund. During
the year, Integrated Diagnostics Holdings plc have taken legal
advice and considered market practice in Egypt relating to this and
more specifically whether the vocational training courses
undertaken by Al Borg Laboratory Company and Al Mokhtabar Company
for Medical Labs suggest that obligations have been satisfied
through training programmes undertaken in-house by those entities.
Since the issue of the law on Vocational Guidance and Training, Al
Borg Laboratory Company and Al Mokhtabar Company for Medical Labs
have not been requested by the government to pay or have
voluntarily paid any amounts into the external training fund. The
board of Integrated Diagnostics Holdings plc have concluded that an
outflow of funds is not probable.
Should a claim be brought against Al Borg Laboratory Company and
Al Mokhtabar Company for Medical Labs, an amount of between EGP
19.5m to EGP 49 m could become payable, however this is not
considered probable.
21. Distributions made and proposed
30 June 31 December 2020
2021
---------------------------------------------------------------------------------- ------------ -----------------
EGP'000 EGP'000
(Reviewed) (Unaudited)
Cash dividends on ordinary shares declared and paid: (Unreviewed)
US$ 0.0485 per share (2020 nil) 454,472 -
------------ -----------------
454,472 -
============ =================
After the balance sheet date, the following dividends were proposed by the
directors (the
dividends have not been provided for): - 450,024
Nil per qualifying ordinary share (2020: 0.187) per share - 450,024
============= =================
22. Earnings per share
For the three months ended 30 June For the six months ended 30 June
2021 2020 2021 2020
---------------------------------------- ----------------- ------------------ ---------------- -----------------
EGP'000 EGP'000 EGP'000 EGP'000
(Reviewed) (Unaudited) (Reviewed) (Unaudited)
(Unreviewed) (Unreviewed)
Profit attributed to owners of the
parent 320,410 74,856 646,440 178,768
Weighted average number of ordinary
shares in issue 600,000 600,000 600,000 600,000
----------------- ------------------ ---------------- -----------------
Basic and diluted earnings per share 0.53 0.12 1.08 0.30
================= ================== ================ =================
There is no dilutive effect from equity.
* At the Extraordinary General Meeting on 4 December 2020, the
Company decided to the following share split: The existing issued
ordinary share capital of 150,000,000 ordinary shares of US$1.00
each (the "Existing Ordinary Shares") have been split into four new
ordinary shares of US$0.25 each (the "New Ordinary Shares"). The
comparative figures have been updated.
23. Segment reporting
The Group has four operating segments based on geographical
location rather than two operating segments based on service
provided, as the Group's Chief Operating Decision Maker (CODM)
reviews the internal management reports and KPIs of each
geography.
The Group operates in four geographic areas, Egypt, Sudan,
Jordan and Nigeria. The revenue split between the four regions is
set out below.
Revenue by geographic location
-------------------------------------- -------------------------------------------------------------------------
For the three months ended Egypt region Sudan region Jordan region Nigeria region Total
-------------------------------------- ------------- ------------- -------------- --------------- ----------
EGP'000 EGP'000 EGP'000 EGP'000 EGP'000
30 June 2021 (Reviewed) 1,014,597 2,514 133,648 12,873 1,163,632
30 June 2020 (Unaudited)/ (Reviewed) 381,473 2,571 59,495 6,392 449,931
Revenue by geographic location
-------------------------------------- -------------------------------------------------------------------------
For six months period ended Egypt region Sudan region Jordan region Nigeria region Total
-------------------------------------- ------------- ------------- -------------- --------------- ----------
EGP'000 EGP'000 EGP'000 EGP'000 EGP'000
30 June 2021 (Reviewed) 1,935,059 9,267 323,518 25,326 2,293,170
30 June 2020 (Unaudited)/ (Reviewed) 804,994 12,291 117,343 15,059 949,687
Net profit / (loss) by geographic location
---------------------------------- -----------------------------------------------------------------------------
For the three months ended Egypt region Sudan region Jordan region Nigeria region Total
-------------------------------------- ------------- ------------- -------------- --------------- ----------
EGP'000 EGP'000 EGP'000 EGP'000 EGP'000
30 June 2021 (Reviewed) 324,939 (4,487) 31,731 (10,790) 341,393
30 June 20 (Unaudited)/ (Reviewed) 76,098 (3,832) 8,644 (8,782) 72,128
Net profit / (loss) by geographic location
For six month period ended Egypt region Sudan region Jordan region Nigeria region Total
EGP'000 EGP'000 EGP'000 EGP'000 EGP'000
30 June 2021 (Reviewed) 628,033 (14,801) 83,247 (16,449) 680,030
30 June 20 (Unaudited)/ (Reviewed) 179,204 (4,537) 15,062 (15,104) 174,625
Segment reporting (continued)
Revenue by type Net profit by type
For the three months ended 30 June For the three months ended 30 June
2021 2020 2021 2020
EGP'000 EGP'000 EGP'000 EGP'000
(Reviewed) (Unaudited) (Reviewed) (Unaudited)
(Unreviewed) (Unreviewed)
Pathology 1,140,057 436,522 353,703 80,811
Radiology 23,575 13,409 (12,310) (8,683)
1,163,632 449,931 341,393 72,128
Revenue by type Net profit by type
For the six months ended 30 June For the six months ended 30 June
2021 2020 2021 2020
EGP'000 EGP'000 EGP'000 EGP'000
(Reviewed) (Unaudited) (Reviewed) (Unaudited)
(Unreviewed) (Unreviewed)
Pathology* 2,247,984 925,757 701,395 194,864
Radiology 45,186 23,930 (21,365) (20,239)
2,293,170 949,687 680,030 174,625
Revenue by categories Revenue by categories
For the three months ended 30 June For the six months ended 30 June
2021 2020 2021 2020
EGP'000 EGP'000 EGP'000 EGP'000
(Reviewed) (Unaudited) (Reviewed) (Unaudited)
(Unreviewed) (Unreviewed)
Walk-in 499,678 215,753 1,029,039 442,987
Corporate 663,954 234,178 1,264,131 506,700
1,163,632 449,931 2,293,170 949,687
* On 30 June 2021 includes Covid-19 related Pathology tests
amounted to EGP 1,104m (30 June 2020: EGP 88m).
Non-current assets by geographic location
Egypt region Sudan region Jordan region Nigeria region Total
EGP'000 EGP'000 EGP'000 EGP'000 EGP'000
30 June 21 (Reviewed) 2,598,967 2,850 286,419 98,443 2,986,679
31 December 2020 2,415,220 24,132 263,767 113,941 2,817,060
Segment reporting (continued)
The operating segment profit measure reported to the CODM is
EBITDA, as follows:
For the three months period ended 30 June For the six months period ended 30 June
2021 2020 2021 2020
EGP'000 EGP'000 EGP'000 EGP'000
(Reviewed) (Unaudited) (Reviewed) (Unaudited)
(Unreviewed) (Unreviewed)
Profit from operations 526,995 117,877 1,064,676 276,868
Property, plant and
equipment
depreciation 26,608 35,064 59,068 58,359
Amortisation of right
of use 28,711 15,673 46,677 29,455
Amortisation of
Intangible assets 1,528 (2,003) 3,049 2,672
EBITDA 583,842 166,611 1,173,470 367,354
Non-recurring expenses 18,797 - 29,034 -
Normalised EBITDA 602,639 166,611 1,202,504 367,354
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END
IR BLGDCDDGDGBB
(END) Dow Jones Newswires
September 02, 2021 02:00 ET (06:00 GMT)
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